(MENAFN- AsiaNet News) In an ongoing money laundering case related to the fraudulent promise of astronomical returns through a cryptocurrency mining scheme, the Enforcement Directorate (ED) filed a prosecution complaint against 299 accused individuals and entities. Among these entities, 76 are under Chinese control, and two others are controlled by foreign nationals.
The case revolves around the exploitation of unsuspecting investors who were lured with promises of significant returns by investing in a mobile app-based token called 'HPZ Token,' claimed to be used for mining Bitcoins and other cryptocurrencies.
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In December 2023, the ED had seized assets worth over Rs 278 crore belonging to various entities involved in the HPZ Token case, including Chinese-controlled entities.
The investigation into money laundering was initiated following an FIR filed in October 2021 at the cybercrime police station in Kohima, Nagaland. The charges revolve around deceiving investors through the mobile app, which falsely claimed to facilitate cryptocurrency mining, leading to substantial financial losses for the victims.
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